This article is from the Australian Property Journal archive
PROLIFIC developer George Mastrocostas has been given the green light for a $2 billion, four-tower development in Mermaid Beach that will be one of the biggest ever built on the Gold Coast.
Mastrocostas’ Aniko Group, has won council approval to build the precinct, named “The Landmark”, on a long-vacant 1.1342-hectare site on the corner of the Gold Coast Highway and Seaview Avenue, and which will include 821 residences across three residential towers of 25, 30 and 40 storeys, a further 53-level luxury hotel tower, 10,000 sqm of A-grade commercial office and medical space, and a casual fine dining and beverage precinct on the ground floor
“We are thrilled to have been granted approval to proceed with this transformational development that has been designed to create a self-sufficient environment within a community where people can live, work and play,” Mastrocostas said.
The Landmark has been designed by Plus Architecture, with apartments aimed at a range of buyers. Residents will have access to amenities on an expansive one-hectare recreation podium.
“The Landmark will have every conceivable amenity on site for residents, hotel guests and office tenants while being just a short walk to everything that Mermaid Beach and nearby Broadbeach have to offer,” Mastrocostas said.
The dedicated ground-floor dining precinct will aim to offer world-class waterfront fine-dining adjacent to Pacific Fair.
Aniko is laying plans to officially launch The Landmark to the market in early 2024. Construction of the first stage is expected to begin by the end of next year.
Aniko has a multibillion-dollar pipeline of projects along the east coast of Queensland, and is set to break ground on its $150 million Chevron Island residential project, Orama, with nearly $100 million in unconditional sales already achieved.
Further developments
Also on Chevron Island, Sherpa Property Group is fast-tracking plans for its expanded Gold Coast portfolio, lodging a development application for a Chevron Island site it recently acquired, while the developer is enjoying strong sales at a newly-launched project at busy Palm Beach.
Sherpa paid an undisclosed amount late last month for the 1,710 sqm site at 107 Stanhill Drive in Chevron Island, as well as a 915 sqm site on 45 Labrador Street and a 17-hectare site on Winchelsea Way at Terranora, all for future residential developments.
Designed by HAL Architects, the development will feature spacious interiors aimed at the downsizer and owner-occupier market. The apartments will all comprise a minimum of three bedrooms plus multi-purpose room with penthouses offering four-bedroom residences.
This north-facing, riverfront site will also feature marina berths and Sherpa is anticipating the project will attract the boating community as it will provide immediate access to the Broadwater and ocean.
Sherpa plans to launch the development in the first quarter of next year with construction to kick off in the third quarter of 2024 pending council approvals, as the company seeks to capitalise on sustained demand for premium residences in the central Gold Coast region. New data from Urbis showed a significant increase in apartment sales in the September quarter – 470 in all – well up from the previous quarter’s.
Chevron Island has also just seen private consortium Bastion reveal plans for a $140 million luxury tower at 8-10 Parneno Street that will deliver a collection of 87 residences.
On Palm Beach, Sherpa, which has recently enjoyed successful runs at its most recent Gold Coast projects, in Biggera Waters and Mermaid Beach, has seen buyers rush to its “Perspective Nexus” project at Palm Beach, which has achieved over $45 million in sales within two weeks after launching to market.
Located on a 1,583 sqm site at 949-953 Gold Coast Highway, adjacent to Dune Café, the nine-storey building will deliver 32 apartments, including two half-floor penthouses and three sky homes with their own private rooftops. Fourteen out of 32 apartments have sold, including both penthouses.
Meanwhile, the only beachfront apartment project on the market in Palm Beach has notched up more than $20 million in sales in just weeks after its launch. The $60 million Ophira Palm Beach has taken advantage of the lack of ultra-luxury apartments in the Gold Coast’s new “millionaire’s row”, selling three of its whole-floor apartments for more than $7 million each.
Developer-builder 5Point Projects has already commenced construction on Ophira.
Melbourne-based developer Hirsch & Faigen is nearing a sellout at its $350 million debut Gold Coast projects, with two projects nearing completion and construction underway at a third.
